Interest on compensation taxed as Income from Other Sources when received; accounting standard ICDS does not displace the statute. Interest received on compensation or enhanced compensation is taxable in the year of receipt and must be reported under Income from Other Sources, ... Summary
Interest on compensation taxed as Income from Other Sources when received; accounting standard ICDS does not displace the statute.
Interest received on compensation or enhanced compensation is taxable in the year of receipt and must be reported under Income from Other Sources, regardless of whether the assessee uses mercantile or cash accounting; where ICDS IV conflicts with the Act the statute prevails.
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TaxTMI 
TaxTMI 
